SL expat employees more resolved to withhold dollars
Sri Lankan expatriate workers are even more determined to withhold foreign exchange earnings in their respective countries of residence moving to the latest dollar surrender rule by the Central Bank (CB). Some workers employed in West Asia told the Business Times that now they have resorted to using e-commerce for most of their transactions in [...]
Over 30% drop in tourist traffic
Sri Lanka’s dollar crisis has led the economy to depend on tourism to resolve the issue but irrespective of what lengths the authorities take to welcome holidaymakers, they are not filling the rooms. The industry believes there will be a 30 per cent drop this season compared to previous expectations. Newly-elected Tourist Hotels Association President [...]
Five loss-making SOBEs to undergo structural changes
The formation of a holding company titled ‘National Enterprises Authority’ to manage five loss-making State-Owned Business Enterprises (SOBEs) including SriLankan Airlines has been recommended at the highest levels of government. These SOBEs are to undergo structural changes in their operations in line with the modern practices and market requirements, according to the Guidelines on Corporate [...]
Illiquid share manipulation to stop by month-end
Manipulating illiquid stocks in the Colombo Stock Exchange (CSE) will cease by end of January with the CSE approved free float-adjusted market cap weighting for ASPI (All Share Price Index) coming into effect by January 24. This calculation is seeking to eliminate the distorting effect of illiquid stocks which has been a perennial problem at [...]
BOI investors want exemptions on dollar conversion
Investors granted exemptions under Board of Investment (BOI) laws have been assured these will be retained even under the provisions of the 2017 Foreign Exchange Act to open separate Inward Investment Accounts (IIA). But now investors hope this exemption will be effected for the newly imposed dollar conversion as well. The Central Bank in a [...]
Stretching rubber
I woke up early this Thursday morning (December 30) with a splitting headache and wondered whether the New Year (two days away – January 1) would also be filled with ‘headaches’ as the country lurched from one crisis to another. While contemplating my topic of discussion for the day, as if on cue, the phone [...]
Import controls, then and now!
We, a few friends, gathered at Dharini’s home at the Bambalapitiya seaside for our Christmas lunch. I never thought that our friend, Christo would be telling us a half century-old story – the one that I am about to reveal to you – and that neither would I be writing it today at the beginning [...]
Booming black market sends fertiliser prices sky high
Sri Lanka’s experiments with the truth on organic farming and a severe shortage of fertilisers has led farmers down the road to the booming black market network selling chemical fertilisers and pesticides at exorbitant prices. Chemical fertilisers and pesticides have been in short supply since a ban was imposed on May 6 and even though [...]
Kapruka gearing to kickstart growth plans
Kapruka Holdings Ltd is confident to cross the 5X oversubscription mark in its Rs. 500 million Initial Public Offering (IPO) which saw high interest even before its official opening. The registrars to the issue PW Corporate Secretarial Ltd received over Rs. 825 million worth of applications. Dulith Herath, Chairman of this pioneering e-commerce platform told [...]
CSE adopts UN Women’s Empowerment Principles
The Colombo Stock Exchange (CSE) has adopted the United Nations Women’s Empowerment Principles (WEPs) as part of its commitment to promoting gender equality and women’s empowerment in the workplace, marketplace and community. The WEPs are a set of principles offering guidance to businesses on how to promote gender equality and women’s empowerment. Established by UN [...]
Swiss company to acquire 33 % in Tess Agro PLC
IPEK SA Ltd is to acquire 33 per cent of cold chain operator Tess Agro PLC. Incorporated in Cyprus, IPEK SA Ltd based in Switzerland operates in eight countries and is looking to enter the food industry. It’s a fast-growing company focused on crude oil production, refining, international trading, waste utilisation and recycling, construction of [...]
LOLC Finance’s support to the Southern region
LOLC Finance PLC, having recognised the difficulties faced by businesses across the nation during the pandemic, enhanced and accelerated its commitment to extend its support to uplift and re-energise such impacted enterprises, in numerous ways. Some of the company’s major initiatives took place in the Southern region, where LOLC Finance is present in 26 locations. [...]
Galle Face Properties develops new property
Galle Face Properties Ltd, a subsidiary of conglomerate Renuka Holdings PLC, recently partnered with Sampath Bank PLC, as the exclusive project funding partner for the development of the Galle Face Icon, a 30-storey building with grade A office space, amenities, serviced suites and recreational areas located between the Beira Lake and Galle Face Green, the [...]
Problem arises when the media doesn’t properly interpret annual reports- Treasury Secretary
Funds that the public sector uses must be accounted in a simple and readable manner and the annual reports should help the public at large to understand it better. How the public sector uses the taxpayers money must be clearly defined. “The operational manual on corporate governance issued by the Treasury requires the annual reports [...]
“SOLO CHRISTMAS POLA” organised by HNB in Batticaloa
HNB’s digital product SOLO has been exclusively designed as a payment solution to meet the ongoing pandemic situation and digital savvy generation. It is like a digital wallet in a mobile device where any bank accounts and cards can be added to make any payments related to purchasing and utility bills through reading merchant specific [...]
Maxims Holdings transforms warehouse rooftop into solar
As part of its sustainability strategy, Maxims Holdings, a diversified Board of Investment (BOI) company transformed the rooftop in its futuristic warehousing complex at Old Road, Mulleriyawa with solar panels. With a system capacity of 640-kilowatt ‘peak’ power output of a system, the rooftop now generates 880 megawatts annually. This facilitates the company’s focus on [...]
PB, first bank as an issuer/acquirer of LankaPay scheme
People’s Bank has joined LankaPay National Card Scheme, becoming the first bank to be both an Acquirer and an Issuer in this scheme. The agreement to this partnership was exchanged between People’s Bank CEO/General Manager (GM) Ranjith Kodituwakku and LankaClear GM/ CEO Channa De Silva at the People’s Bank Head Office, recently. People’s Bank Senior [...]
Smart Media goes virtual
Smart Media is bucking current trends, where some private sector firms are recalling their staff to work from January onwards (after working from home), and having a totally virtual workplace. “Well, we seized the moment whose time had come,” noted Vijith Kannangara, Chairman, Smart Media The Annual Report Company. “Our decision to go virtual has [...]
SAGT publishes its Sustainability Report for 2020/21
South Asia Gateway Terminals (SAGT), in the Port of Colombo, recently launched its Sustainability Report 2020/21- “Bringing the World Closer. Investing in a greener future”. This is the second consecutive report published by SAGT and details the company’s sustainability performance during the financial year 2020/21. It remains the only formal report published by a terminal [...]
SEC on the Central Counterparty (CCP) mechanism
The new Securities and Exchange Commission of Sri Lanka (SEC) Act which came into force from September 19, 2021 contains provisions which enable the setting up of a Central Counterparty (CCP). Further, the need for setting up a CCP in order to enhance the efficiency of post trade risk management had been spoken of for [...]